Benjamin Angel: Lagging countries must speed up compliance procedures

The FASTER initiative is considered by many to be a crucial step towards the effective management of tax matters at the EU level.

In parallel, the BEFIT (Betterfighting Tax Evasion in the EU) initiative aims to tackle tax evasion at the European level.

At the same time, the debate on the harmonisation of transfer pricing rules within the EU highlights the effort to form a common framework that will serve the single market and limit unfair tax competition within the EU.

The discussions in the EU circles about direct taxation and the steps to be followed were transported to Cyprus and more specifically to the 7th Cyprus International Tax Conference through a speech given by Benjamin Angel, Director, Direct Taxation, Tax Coordination, Economic Analysis and Evaluation, Directorate General for Taxation and Customs Union, European Commission (TAXUD).

Angel provided valuable insights for industry professionals as he is at the forefront of shaping the EU's corporate tax agenda.

First of all, he said that the Commission takes compliance issues very seriously, calling on countries that are slow to comply to move faster. Information sharing and mentoring is a key element of the process, something that Angel placed particular emphasis on.

A major effort is also underway to conclude discussions on tax treaties, said the European official, who then briefed the audience on the two main issues on the EU's agenda.

As he said, there are two initiatives on the table, firstly the discussion on aggressive tax planning and secondly, the contribution of a friendlier business environment.

Unshell is also a debate that dominates the Commission, Angel said in conclusion, outlining the key issues that concern the EU in the field of taxation.

(Source: InBusinessNews)